Solved: Dividends charged to retained earnings, Accounting Basics

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Dividends charged to retained earnings

Please assist with the given problem.

Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You provide the missing closing entry.

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Accounting Basics: Dividends charged to retained earnings

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